Section 13(2) of the SARFAESI ACT
This query is : Resolved
Quick Summary
15 July 2023
Dear experts,
If a person obtains 2 loans from a bank:
1) secured OD against a land and building
2) Housing loan
Both loans under different account numbers.
So if the person repays the housing loan and yet to repay the secured OD. The bank has not released the house documents as the secured OD is outstanding. Can the bank person initiate action against both the property? Or just the secured OD?
If a person obtains 2 loans from a bank:
1) secured OD against a land and building
2) Housing loan
Both loans under different account numbers.
So if the person repays the housing loan and yet to repay the secured OD. The bank has not released the house documents as the secured OD is outstanding. Can the bank person initiate action against both the property? Or just the secured OD?
CA R SEETHARAMAN
(Expert)
15 July 2023
Yes, the bank person can initiate action against both the property.
15 July 2023
How sir? Is there any way under the act to not initiate action against the house property?
CA R SEETHARAMAN
(Expert)
16 July 2023
OD taken on land and building.
Bank not released the documents on repayment of housing loan you also agreed for it.
Bank not released the documents on repayment of housing loan you also agreed for it.
16 July 2023
But the bank personnel said that the house documents can't be released unless the OD is settled. Is this even legal?
CA R SEETHARAMAN
(Expert)
17 July 2023
Yes, they can withhold for their security.
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